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Income Taxes | 6 Months Ended
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Jun. 30, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company is taxed as a C corporation and files income tax returns in the U.S. federal jurisdiction and in various state jurisdictions. For interim periods, the provision for income taxes (including federal, state and local taxes) is calculated based on the estimated annual effective tax rate, adjusted for certain discrete items for the full fiscal year. Cumulative adjustments to the Company’s estimate are recorded in the interim period in which a change in the estimated annual effective rate is determined. Each quarter the Company updates its estimate of the annual effective tax rate, and if its estimated tax rate changes, the Company makes a cumulative adjustment. The following table presents the Company’s income tax expense (benefit) and its income tax rate for the three and six months ended June 30, 2026 and 2025.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands, except percentages) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Income tax expense (benefit) |  | $ | 1,836 |  |  | $ | 3,002 |  |  | $ | (1,821) |  |  | $ | 779 |
Income tax rate |  | 27.9 | % |  | 27.9 | % |  | (24.9) | % |  | 4.2 | %
The U.S. federal statutory tax rate was 21% for each of the three and six months ended June 30, 2026 and 2025. The Company’s effective tax rate differed from the U.S. federal statutory tax rate primarily due to state income taxes, federal tax credits, other permanent adjustments and discrete tax items. The Company’s effective tax rates for the six months ended June 30, 2026 and 2025 were significantly impacted by excess tax benefits related to the vesting of restricted stock units ("RSUs") (see Note 14) recognized discretely during the first quarter of each year. The amount of the excess tax benefits recognized was primarily dependent upon the Company’s stock price on the RSU vesting dates. These discrete tax benefits reduced the effective tax rate by 533.3% and 53.5% during the first quarter of 2026 and 2025, respectively. No valuation allowance was required as of June 30, 2026 or December 31, 2025.

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